US stocks rose yesterday as this year’s surge in merger activity suggested investors were still finding value even as the S&P climbed to a five-year high and the Dow closed in on its all-time high.

FBI catches up

The FBI has joined the SEC in a criminal probe of trading “anomalies” prior to the announcement of a deal to buy H.J. Heinz Co., said Peter Donald, a spokesman for the FBI’s New York office.

Citi’s card Buy

Citigroup has agreed to buy Best Buy’s co-branded credit card business from Capital One Financial. The portfolio has current loan balances of approximately $7 billion.

More for Kors

Michael Kors Holdings announced a secondary offering of 25 million shares yesterday. Kors is planning to sell a big chunk of his own stake in the fashion house as shares reached a new high, closing at $64.84.

Nice pay hike

Bank of America gave CEO Brian Moynihan about $12 million in total compensation for 2012 and will boost his salary 58 percent this year.